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Message: Interesting post from IHUB...
Posted by: JimsZ  In reply to: jiggs who wrote msg# 3533 |
Date:5/1/2008 12:25:12 PM Post #of 3536 |
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Talked to Scott G on the phone just a minute ago... things definately sounds promising, although I think it will be at least toward end of second quarter before we really see a big improvements. OTG is definately a promising business as far as cash flow goes. He was really happy to have gotten this deal. He also talked about how Elysium spinoff wasn't as big of a deal to everyone else as how much cash flow the company has which is something they have to deal with. Richard Miller's 1.5 million has been restructured to monthly payments as this did not go out in shares to him, he has worked very well with them on the remaining amounts owed to him from See World acquisition. Approx 1-1.2 million total left in convertible debt & the most agressive fund is down to approx 20-25k left. They are currently trying to buy them and one of the other more aggressive convertible holders out of the remaining debt. Out of the 1-1.2 million, at least 800k of it (if I remember correctly, we went through a lot) is not converting and does not have any urge to convert at these levels. I believe he said they had 7 total debentures, 1 is completely finished, and of the rest, 3 are not converting or converting very small amounts per month as for minimal damage to the stock/stock price. He did state they are in negotiations to try to get rid of a couple of the most aggressive at the moment though, which would help greatly on pps. The Elysium spinoff will be working with a few of the companies that are currently not selling shares to fund the growth of Elysium & payoff FLIP. This money will be used to pay off current debt (debentures) held by FLIP. The money for the payments to OGOH for the OTG deal will be made from the positive cash flow of OTG as he said this should not be a concern for FLIP. He also stated they were going through financials with OTG or something, but I do not remember. I asked about the comment he made that he would be purchasing more shares, he said he definately intends to purchase more once he is able to (believe he said after the 1st quarter results are out). He commented that most of his shares have been purchased at .03 all the way up to .20 per share & he has never sold a single share. He also stated that FLIP does not give "preferred shares" to management and he does not believe in that, which is one of the things I like about FLIP. |
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